Oil Prices Jump After US Strikes on Iran's Qeshm Island
Oil prices rose in early Tuesday trading following reports that the United States launched strikes on Iran's Qeshm Island. Brent crude futures gained 48 cents, or 0.5%, to $105.25 per barrel, while West Texas Intermediate rose 47 cents, or 0.5%, to $96.93 per barrel. The increase came after significant losses on Monday, when Brent fell $8.66, or 7.63%, to close at $104.77 per barrel. According to a Wall Street Journal report citing US officials, the strikes were described as "defensive" and aimed at preventing Iran from attacking commercial ships in the Strait of Hormuz. The price recovery reflects market concerns over potential supply disruptions in the region, as the Strait of Hormuz is a critical chokepoint for global oil shipments.